Unsecured creditors to German engineering firm Galapagos swooped in at the last minute on Friday to stop a sale of the business that would have wiped out their claims. One of the funds fighting this corner is the credit opportunities fund raised by former Deutsche Bank securitization boss Elad Shraga.

A Barcelona-headquartered paper company wants to focus on higher-margin specialist papers but it is floundering to find the money needed for a turn-around after the European Union delivered a blow that sent its bonds sliding.

CMBS issuers are set to open up the primary market in August this week with four conduit transactions and a single borrower deal totaling just over $5bn, in what is likely to be a last burst of CMBS issuance for the summer.

The EMEA CDS determinations committee will rule on whether German heat exchanger manufacturer Galapagos defaulted on its bonds by missing coupons on June 15. The committee will meet on Friday to decide whether a “failure to pay” event has occurred.

Hoist Finance, a Sweden-based debt restructuring firm, has been marketing its debut securitization — an essential move in the firm’s attempt to recover from a regulatory broadside which landed last year.